What cap did the legislature place on the lenders? No more than a 36% annual interest rate. You read it right: 36% interest. Sounds like a lot, doesn't it?

So what were the lenders charging? Up to 520% annual interest. Now that's what you call a racket.

As it is, under the new regulations lenders can charge a $10 per $100 loaned fee, up to $30. As the Oregonian reports, "That means lenders can charge a total of $13 per $100, which amounts to an annual interest rate of about 154 percent for a 31-day loan." You'd think 154% would be enough, but no.